New Listing: YouHodler Now Supports 0x (ZRX)
Today is the start of a new week and with that, comes a new announcement to share. Starting right now, YouHodler clients have full access to 0x (ZRX) on the platform with the following features:
- ZRX savings accounts (4.5% APR)
- ZRX backed loans with up to 90%
- Multi HODL
- ZRX universal conversions with all crypto/fiat/stablecoins on the platform.
We're happy to welcome ZRX to our growing family of over 31 various crypto and fiat currencies. Before you rush over to YouHodler to try this new addition out, let's first take a minute to learn about ZRK.
What is the 0x platform and what does it do?
The 0x project was launched in 2016 and raised a total of $24 million in a successful initial coin offering (ICO) in 2017. The project secured investments from major blockchain-oriented venture capitals like Polychain Capital and Pantera Capital.
Around 2017, most crypto traders were not very keen on using centralized exchanges. Most of them were not very reliable or trustworthy. And they were right! We’ve seen a couple of crypto exchange hacks, exchange mismanagement cases, and outages due to increased volume. All of these problems led people to look for alternatives like a decentralized exchange.
However, a decentralized exchange also suffers from well-known problems like high gas costs, price slippage, low trading volume, and slow processing times. Therefore, it didn’t provide a great alternative for traders that wanted to avoid centralized exchanges.
For that reason, the 0x project provides decentralized exchange functionality through a collection of publicly auditable smart contracts that are woven together to offer a flexible trading protocol. They solved the problems decentralized exchanges suffered from using the following two solutions:
- Automated market maker smart contracts offer guaranteed liquidity for every trading pair.
- State channels allow off-chain communication between participants instead of slow on-chain communication. Only the concluded transaction is added to the blockchain.
What is the ZRX token and what does it do?
Moreover, 0x introduced their ZRX token that is used to pay for transaction and governance fees. The main advantage of the 0x protocol is that developers can quickly integrate the protocol into DeFi products or even traditional products.
Nowadays, the 0x project provides an excellent alternative for traders who want to quickly exchange tokens outside of a centralized exchange. Another advantage of 0x we didn’t touch upon is that the project isn’t subject to governmental influence as a DEX functions autonomously through smart contracts. Therefore, it doesn't depend on any governmental regulations.
If you like the 0x project, you can use your ZRX tokens with YouHodler’s savings accounts to earn a 4.5% APR. On top of that, ZRX is available for Classic Loans, Turbo Loans, and Multi HODL.
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